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FAIR VALUE (Tables)
 6 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
Financial Assets Measured at Fair Value on Recurring Basis
The following table summarizes our fair value measurements at June 30, 2017 and December 31, 2016, respectively, for financial assets measured at fair value on a recurring basis:
 
Fair Value Measurements Using
 
Fair
Value
 
Quoted Prices
in Active
Markets
(Level 1)
 
Other
Observable
Inputs
(Level 2)
 
Unobservable
Inputs
(Level 3)
 
(in millions)
June 30, 2017
 
 
 
 
 
 
 
Cash equivalents
$
7,786

 
$
7,786

 
$
—

 
$
—

Debt securities:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government
corporations and agencies:
 
 
 
 
 
 
 
U.S. Treasury and agency obligations
716

 
—

 
716

 
—

Mortgage-backed securities
1,546

 
—

 
1,546

 
—

Tax-exempt municipal securities
3,306

 
—

 
3,306

 
—

Mortgage-backed securities:
 
 
 
 
 
 
 
Residential
8

 
—

 
8

 
—

Commercial
394

 
—

 
394

 
—

Asset-backed securities
135

 
—

 
135

 
—

Corporate debt securities
4,680

 
—

 
4,676

 
4

Total debt securities
10,785

 
—

 
10,781

 
4

Total invested assets
$
18,571

 
$
7,786

 
$
10,781

 
$
4

 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
Cash equivalents
$
3,654

 
$
3,654

 
$
—

 
$
—

Debt securities:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government
corporations and agencies:
 
 
 
 
 
 
 
U.S. Treasury and agency obligations
786

 
—

 
786

 
—

Mortgage-backed securities
1,637

 
—

 
1,637

 
—

Tax-exempt municipal securities
3,305

 
—

 
3,302

 
3

Mortgage-backed securities:
 
 
 
 
 
 
 
Residential
9

 
—

 
9

 
—

Commercial
304

 
—

 
304

 
—

Asset-backed securities
160

 
—

 
160

 
—

Corporate debt securities
3,597

 
—

 
3,593

 
4

Total debt securities
9,798

 
—

 
9,791

 
7

Total invested assets
$
13,452

 
$
3,654

 
$
9,791

 
$
7
Changes in Fair Value of Assets Measured Using Significant Unobservable Inputs
During the three and six months ended June 30, 2017 and 2016, the changes in the fair value of the assets measured using significant unobservable inputs (Level 3) were comprised of the following:
 
For the three months ended June 30,
 
2017
 
2016
 
Private
Placements
 
Auction
Rate
Securities
 
Total
 
Private
Placements
 
Auction
Rate
Securities
 
Total
 
(in millions)
Beginning balance at April 1
$
4

 
$
3

 
$
7

 
$
6

 
$
3

 
$
9

Settlements
—

 
(3
)
 
(3
)
 
—

 
—

 
—

Balance at June 30
$
4

 
$
—

 
$
4

 
$
6

 
$
3

 
$
9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30,
 
2017
 
2016
 
Private
Placements
 
Auction
Rate
Securities
 
Total
 
Private
Placements
 
Auction
Rate
Securities
 
Total
 
(in millions)
Beginning balance at January 1
$
4

 
$
3

 
$
7

 
$
6

 
$
5

 
$
11

Settlements
—

 
(3
)
 
(3
)
 
—

 
(2
)
 
(2
)
Balance at June 30
$
4

 
$
—

 
$
4

 
$
6

 
$
3

 
$
9